Weatherford Expects 2017 OneStim Transaction Closing
BAAR, Switzerland, Oct. 25, 2017 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) today confirms that it fully expects to close the previously announced OneStimSM joint venture with affiliates of Schlumberger Ltd. before year-end. We have made substantial progress on the integration project and are now finalizing the contractually agreed price adjustments. In connection with the U.S. regulatory process, Weatherford and Schlumberger completed their responses to requests from the U.S. Department of Justice Antitrust Division (the "DOJ") in September of 2017 and the DOJ should reach a decision before the end of November.
Additionally, to address market speculation, Weatherford confirms it has no current intention to issue new equity securities in the near future.
While we remain in our quiet period prior to releasing our third quarter earnings, we look forward to discussing these and other matters during our previously scheduled third quarter conference call on Wednesday, November 1, 2017 at 8:30 a.m. ET.
Forward-Looking Statements
This press release contains forward-looking statements regarding the OneStim joint venture, potential equity offerings, and Weatherford. These forward-looking statements include, among other things, the joint venture, Weatherford's strategies and priorities, potential equity offerings, and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon Weatherford's current beliefs and are subject to significant risks, assumptions and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results of Weatherford or the joint venture may vary. Readers are also cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results. Forward-looking statements are also affected by the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and those set forth from time-to-time in the Company's other filings with the Securities and Exchange Commission. We undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.
About Weatherford
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 90 countries and has a network of approximately 860 locations, including manufacturing, service, research and development, and training facilities and employs approximately 29,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Twitter, YouTube and Facebook.
Weatherford Contacts
Christoph Bausch – Executive Vice President and Chief Financial Officer
Tel: +1 713 836 4615
Karen David-Green – Vice President Investor Relations, Marketing & Communications
Tel: +1 713 836 7430
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